Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the club at £1.8billion.
The American billionaire, who already owns 67 per cent of the Premier League club through Kroenke Sports Enterprise (KSE) UK, wants to buy the remainder of the shares after securing the backing of minority owner Alisher Usmanov.
Usmanov, who has tried to buy out Kroenke’s majority stake in the past, will receive £550million for his 30 per cent stake based on the share price of £29,419.64.
Usmanov, who doesn’t have a seat on the club’s board despite being the second biggest shareholder, made a £1bn offer to buy out Kroenke in May last year but was rejected.
Back in October, KSE offered around £525m to buy out Usmanov’s stake but this was turned down.
KSE, the corporation owned by Kroenke, currently holds 41,743 shares in Arsenal equating to 67.09 per cent control.
‘By taking the Club private Stan Kroenke will be able to implement the following detrimental actions:
- Pay management fees and dividends without any check or balance
- No Annual General Meeting to hold the Board to account
- Remove the Independent Directors
- Place debt onto Arsenal to support his other business interests
Story By Daily Mail Sports.